
aass fiB'^ ~<^' 

Book K^f- 






MOVEMENT OE PEICES, 



Jfi- 



1840-1894 



SAUERBECK, LONDON ECONOMIST, 
U. S. SENATE TABLES. 



PUBLISHED BY THE" BUREAU OF STATISTICS, TEEASURY DEPARTMENT. 



1895. 



WASHrnGTOIST: 

GOVERNMENT FEINTING OFFICE. 
1895. 



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— ■ 


oo t- CO lO 





MOVEMENT OF PRICES. 

Current discussion has, turned so generally to a consideration of the fluctuations in the prices of articles of 
general consumption, and the importance of the question is such, that only the most reliable information should be 
applied. In the volumes issued under the direction of the United States Senate will be found a very full and 
detailed examination of prices in the United States for a period of fifty years. Some of these price records have 
been continued in the monthly Bulletin, "Finance, Commerce, and Immigration of the United States." In 
England uniform records of price fluctuations have been jnaintained for nearly fifty years by the London 
Economist, "and this record possesses peculiar value because of the uniform methods employed in their preparation. 
A second authority of equal weight is Mr. Augustus Sauerbeck, whose tables of prices and index numbers have 
been recognized as of great value and reliability. To meet the demands made upon this Bureau for tables of 
prices I have thought it best to print the full results of the labors of Mr. Sauerbeck and the London Economist. 



Uhn-'fiduLCj-hri^ d. T^xrrr^ 



Chief of Bureau. 
Treasury Department, 

Bureau of Statistics. 



PRICES OF COMMODITIES IN 1894. 



By a. Sauerbeck, Esq. 



The following table shows the course of prices of forty-five commodities during the last seventeen years as 
compared with the standard period of eleven years, 1867-1877, which in the aggregate is equivalent to the average 
of the twenty-five years 1853-1877 (see the [Eoyal Statistical] Society's Journal, 1886, pp. 592 and 648, and 1893, 
pp. 220 and 247) : 

Summary of index numbers. Groups of articles, 1867-1877=100. 



YEAES. 


Vegeta- 
ble food 
(com, 
etc.). 


Animal 
food 
(meat, 
etc.). 


Sugar, 
coffee, 
and tea. 


Total 
food. 


Minerals. 


Textiles. 


Sundry 
mate- 
rials. 


Total 

mate- 
rials. 


Grand 
total. 


Silver, 
(a) 


Wleat 

harvest. 

Co) 


Average 

price of 

consols. 

(c) 


Average 
Bank of 
England 
rate, (c) 


1878 


95 
87 
89 
84 
84 
82 
71 
68 
65 
64 
67 
65 
65 
75 
65 
59 
55 


101 

94 

101 

101 

104 

103 

97 

88 

87 

79 

82 

86 

82 

81 

84 

85 

80 


90 
87 
88 
84 
76 
77 
63 
63 
60 
67 
65 
75 
70 
71 
69 
75 
65 


96 

90 
94 
91 
89 
89 
79 
74 
72 
70 
72 
75 
73 
77 
73 
72 
66 


74 
73 
79 
77 
79 
76 
68 
66 
67 
69 
78 
75 
80 
76 
71 
68 
64 


78 
74 
81 
77 
73 
70 
68 
65 
63 
65 
64 
70 
66 
59 
57 
59 
53 


88 
85 
89 
86 
85 
84 
81 
76 
69 
67 
67 
68 
69 
69 
67 
68 
64 


81 

78 
84 
80 
80 
77 
73 
70 
67 
67 
69 
70 

71 

68 
65 
65 
60 


87 
83 
88 
35 
34 
32 
76 
72 
69 
68 
70 
72 
72 
72 
68 
68 
63 


86.4 
34.2 
85.9 
85.0 
84.9 
83.1 
83.3 
79.9 
74.6 
73.3 
70.4 
70.2 
78.4 
74.1 
65.4 
58.6 
47.6 


108 
64 
93 
97 
100 
93 
103 
108 
93 
110 
96 
103 
106 
108 
91 
90 
106 


95A 
97i 
98J 
100 
lOOi 
lOlA 
101 
99i 
lOOJ 
1011 
101 
98 
96i 
95i 
96i 
98i 
101 


3i 

2| 
3i 


1879 „ 


1880 


1881 


1882 


3 A 


1883 


1884 


3 


1885 . . -. 


3 


1886 


3 


1887 


3ft 
3ft 
3ft 
*ft 
3A 


1888 


1889 


1890 


1891 


1892 


2ft 
3ft 
2?„ 


1893 


1894 




Average, 1885-1894 

1878-1887 


65 
79 


83 
95 


63 
76 


72 
84 


71 
73 


62 
71 


68 
81 


67 
76 


69 
79 


69.2 
82.1 


101 
97 


99 
99^ 


35 

3ft 



a Silver 60.84d. per ounce=100. 6 Wheat harvest in the United Kingdom, 1878-1883, 28 bushels per acre=100; from 1384, 29 bnshels=100. 

c Consols and bank rate actual figures, not index numbers: consols 2^ per cent from 1889. 

The index number for all commodities was 63, against 68 in 1893, and was therefore 7J per cent below the 
preceding year, 9 per cent below the average of the preceding ten years, 20 per cent below the ten years 1878-1887, 
and 37 per cent below the standard period, 1867-1877. The decline during the past year extended to all groups of 
commodities, and in no case was it less than 6 per cent. A number of articles showed records of lowest prices 
during the century; thus wheat and flour, oats, rice, sugar, lead, cotton, jute, flax, manila hemp, merino wool, 
silk, and soda, in fact, 16 out of 45 descriptions, while some others, such as tea, copper, and petroleum were on the 
average of the year as low or lower than in any preceding year. 

As will be seen from the monthly figures given later on, the fall was practically uninterrupted, and amounted 
to fully 10 per cent from beginning to end. Vegetable food (corn, etc.) decliued on the average 9 per cent since 
December, 1893; wheat, barley, and oats fell considerably. Engli.sh wheat touching 17s. 6d. and oats 13s. 3d. in 
October, these very low rates being partly due to the damp condition of the crop. Cargoes of wheat afloat, 
particularly Eiver Plate, were sold at that time under 20s., but good dry North American or Indian wheat on spot 
was probably not obtainable under 21s. Prices for English and foreign wheat improved somewhat toward the end 
of the year. Potatoes and American maize were cheap in the first half of the year, and dearer in the second half 
owing to deficient crops. Eice sold on a very low level. In the case of animal food, beef and inferior mutton 
were on the whole somewhat lower, and prime mutton a little higher, while pork and butter ruled distinctly 
cheaper, the average price of butter having been the lowest since 1852. Sugar suffered a decline of 30 per cent 
in view of an enormous crop ; the better kinds of coffee, which were scarce, sold fairly well, but the lower Brazil 
sorts fell about 20 per cent; tea was cheap, and the average import value was lower than ever, but there was some 

5 



6 



MOVEMENT OF PRICES— (SAUEEBECK). 



improvement for common grades in the second half of the year. In the case of minerals the decline during the 
year amounted to 14 per cent; iron did not fluctitate much but receded slightly, copper and lead were very low, 
and tin fell sharply — about 18 per cent — owing to large supplies. Best coals in the London market declined from 
24s. to 16s., the opening price having been very high in consequence of the strike, while the closing price may 
have been influenced by the mild wfeather in December; but it is worth mentioning that during the three winter 
months, November, December, and January, the price did not rise above 16s., which has not been the case for over 
forty years; only iu February during the prolonged frost it went to 17s. 6d., but fell to 15s. 6d. after the thaw. 
The most remarkable decline took place for textiles, where it reached 20 per cent within the year. Cotton declined 
gradually in expectation of a very large American crop, and touched the lowest point ever known in November, 
when middling American was quoted 2||d. ; jute decUued throughout the year, silk was very depressed, flax 
maintained a fair level until summer, but fell sharply afterwards, in some cases un to 35 per cent from the beginning 
of the year. The decline in the last quarter extended also to hemp and wool, in the case of the latter partly 
owing to large accumulations of stocks on the Continent. Sundry materials were all low, but a distinct fall is only 
to be recorded in the case of tallow, indigo, and soda. 

The average price of silver was 28Ytd., against 35§d. in the preceding year. It stood at 31f d. at the end of 
1893, and commenced to fall when the Indian secretary abolished the limit for couucil drafts, touching the lowest 
I)rice on the 3d of March, viz, 27d. per ounce spot (26|d. for futures). It im^jroved at the eud of March, ruled 
between 28d. and 29d. during the next four months, and rose to 30Jd. toward the end of August. During the 
rest of the year it declined gradually, and was worth 27:|d. at the end of December (index number 44.8), equal to 
a ratio of 34.6 silver to 1 gold, or 55.2 per cent below the old parity of 15| to 1. 

The past year was comparatively free from any violent occurrences directly affecting the general trade of the 
world, but it suffered from the effects of the series of crises which characterized the period from 1890-1893, and 
particularly the eventful year 1893. The depression created by the great losses of the preceding four years, by 
the agricultural distress, the Australian crisis, the closing of the Indian mint, and the very serious American 
cri.sis, continued throughout the year in most branches of -business, aggravated on the one side by the great 
shrinkage in the demand of extra-European countries, and particularly the United States, and by the further 
decline of silver, and on the other side by increased supplies of a number of articles, such as wheat, jute, tin, 
tallow, etc., and a phenomenal production of cotton and sugar. The crops of this country were plentiful, but being 
partly damaged by wet weather, and realizing excessively low prices, the agricultural depression was not 
relieved. The great coal strike in the Midlands was settled in March, but a fresh one broke out in Scotland in 
July. Of other events worth recording, there was the protracted tariff legislation, the final adoption of the new 
tariff in August, and the continued currency difliculties in the United States, increased by a deficit of $100,000,000 
in the Government receipts during the last eighteen mouths; then the great accumulations of gold in the 
European banks and treasuries, the uuprecedentedly low rate of interest, the rise of gilt-edged securities and 
of South African mining shares, and finally the outbreak of war between Japan and China, which latter, however, 
was probably of little irai^ortance to trade generally. 

Since the beginning of December a slight improvement in trade has been noticeable, but it has not yet had 
any influence on prices. The index number was 60.1 in December and 60 in January and February, the lowest 
on record. 

The production of gold has made highly satisfactory progress, and the Director of the Mint at Washington 

gives the following estimates: 

' £ ■ 

1890. 178, 800 kilos, fine =24,400,000 

1891. 196, 600 kilos, fine =26,800,000 

1892. 220, 100 kilos, fine =30,000,000 

1893. 236, 600 kilos, fine =32,300,000 

The production probably reached £36,000,000 in 1894, but of the new supply during the last two years nothing 
has gone into actual circulation. («) If we deduct £24,000,000 (or £12,000,000 per annum) for use in the arts and 
manufactures in Europe and North America, and assume that nothing was on balance retained by the East, Africa, 
and South America, there remain £44,000,000 for monetary purposes. The changes in the gold reserves of the 
l^rincipal European banks and treasuries during the same period I estimate as follows : 



1 


End of 1892. 


End of 1894. 




£24, 400, 000 
68, 300, 000 
41, 900, 000 
26, 000, 000 
75, OOO, 000 


£32, 500, 000 
82, 800, 000 
52, 300, 000 
36, 000, 000 
94, 000, 000 












235, 600, 000 


297, 600, 000 



a Profluction and distribution dnring the seven years 188C-1892; refer to my paper in the Society's Journal, 1893, p. 232. 
b G-old and silver, but increase will aU be gold. 



MOVEMENT OF PRICES— (SAUERBECK). 7 

There is an increase of £Gii,000,000, and making allowance for a loss of £(),000,0()0 by tlie United States in 
addition to tlieir production, the increase in the banks and treasuries is £12,(»00,00() larger tlian the total available 
new supply, while the smaller banks have also increased their holdings. These accumulations are partly due to 
the stagnation in business and the lack of enterprise, and partly to political reasons. In the United States, 
according to official returns, the value of gold in the Treasury has fallen from $238,000,000 at the end of 1892 to 
$139,000,000 at the end of 1894, while the amount of gold outside the Treasury has increased from $413,000,000 to 
$485,000,000. This increase of $72,000,000, or nearly £1."»,000,000, means, however, additional hoarding, owing to 
the general distrust. When confidence returns and capital is no longer idle, and when the greater portion of the 
reserves and hoarded money is put into circulation, it will, with the expected further expansion of the gold 
production, have a powerful effect in maintaining on the average a somewhat higher range of prices than of 
late. With a supply of £36,000,000 and average reriuiremeuts of £15,000,000 (£12,000,01(0 in the arts and 
manufactures in the gold countries, and £3,000,000 for the East, Africa, and South America), there remain 
£21,000,000 available for currency purposes, which, with silver token money, should be an ample addition to the 
estimated currency of about £1,-500,000,000 (gold, silver, and uncovered notes) in Europe, North America, and 
Australia, if there is no great extra demand. Austria requires still some gold, and Russia may have reason to 
further increase her stock, while Italy, Spain, Portugal, and Greece will be desirous to recover the gold lost, if 
possible; but on the whole the extra demand will be less intense than during the last few years, unless silver 
should be demonetized or uncovered notes — for instance, greenbacks — should be withdrawn to any large extent. 

Quarterly Movements op Prices. («) 
Summary of index numbers, 1866-1877=100. 



TEARS. 


Quar- 
ters. 


Vegeta- 
ble food 

(com, 

etc.) 


Animal 
food, 

(meat, 
etc). 


Sugar, 
cotlee, 
and tea. 


Total 
food. 


Minerals. 


Textiles. 


Sundry 
materials. 


Total 
materials. 


Grand 

total. 


Silver. (6) 


|- 


I 


68.4 


89.7 


58.7 


74.2 


65.7 


67.7 


77.3 


71.2 


72.5 


80.7 


1885 


II 
III 


69.9 
67.1 


89.5 
89.2 


64.1 
62.7 


76.2 
74.4 


65.7 
66.9 


67.1 
64.2 


75.7 
76.2 


70.4 
70 


72.8 
71.8 


81.1 
79.6 




rv 


67.2 


83.8 


64.2 


72.7 


67.4 


62.2 


75.8 


69.4 


70.8 


77.7 




I 


66.5 


87 


61.2 


72.9 


67 


61.3 


74 


68.2 


70.2 


77 


1S86 


II 
HI 


64.8 
63.8 


90.5 

88.8 


59.2 
58.3 


73,2 
71.9 


65.8 
66.4 


60.8 
64.3 


69.7. 
68.8 


65.9 
66.8 


69 
68.9 


74.5 
71.2 




IV 


65.1 


85.3 


60.9 


71.6 


67.7 


65.2 


69.6 


67.7 


69.4 


75.8 




I 


66.7 


80.2 


60.8 


70.4 


68 


65.9 


67 


67.3 


68.5 


75.3 


1887 


n 
III 


65.4 
63.7 


79 
80.2 


66.8 
68.4 


70.7 
70.7 


66.8 
66.5 


64 
63.5 


66.5 
66.7 


65.8 
65.7 


67.8 
67.8 


72.2 
73.1 




rv 


65.2 


77.9 


70 


70.9 


78 


64.5 


66.9 


68.9 


69.7 


72.5 




I 


66 


78.8 


63.5 


70.2 


85.1 


62.7 


67.3 


70,7 


70.5 


71.9 


1888 


II 

m 


66.3 
67.3 


79.9 

84.4 


62.5 
65.7 


70.5 
73.5 


74.3 
76.5 


62.3 
63.2 


65.5 
66.3 


66.9 
68.1 


68.5 
70.3 


69.4 
69.8 




IV 


69 


84.7 


68.4 


74.7 


77.6 


67.6 


70.2 


71.4 


72.8 


70.4 


• 


I 


66.7 


86.3 


72.2 


75 


74.9 


69.9 


69.2 


70.9 


72.7 


70 


1889 \ 


II 
III 


63.9 
64.6 


84.1 
86.8 


85.7 
75.7 


76.2 
75.1 


69 
72.6 


69.1 
69.6 


67.5 
68.1 


68.4 
69.9 


71.7 
72 


69 




69.8 




IV 


66.3 


86 


67.2 


73.1 


83.9 


70.7 


68.1 


73.2 


73.2 


71.4 




I 


63.7 


86.3 


68.6 


73.1 


80.6 


69.1 


68.7 


72 


72.5 


72.6 


1890 .j 


II 


62.8 


83 


69.8 


■ 71.6 


78.3 


66.7 


67.8 


70.3 


70.8 


77.2 


III 


67.2 


80.6 


73.1 


73.4 


81.7 


64.6 


69.2 


71.1 


72.1 


85.1 




IV 


67.4 


82 


71.2 


73.6 


80.5 


62.7 


69.5 


70.4 


71.7 


79.6 


r 


I 


71 


78.9 


74.1 


74.5 


78.4 


61.2 


69.3 


69.2 


71.4 


74.4 


1891 J 


n 


77.8 


80.1 


72.2 


77.5 


77.7 


59.2 


69.5 


68.5 


72.3 


73.6 




III 


75.5 


83 


70.4 


77.2 


76.6 


58.4 


68.9 


67.7 


71.7 


74.5 




rv 


77.2 


80.8 


68.7 


76.7 


73.9 


58.6 


69 


67.1 


71.2 


72.1 




I 


70.6 


82.7 


69.1 


74.8 


72.2 


59.2 


67.1 


66 


69.7 


67.4 


1892 J 


II 


67.5 


83.1 


66.6 


73 


73.4 


57 


65.8 


65.2 


68.5 


65.8 




III 


64.2 


85.9 


68.2 


73 


70.7 


53.2 


65.6 


63.3 


67.3 


63.2 




IV 


60.7 


83.6 


72.7 


71.7 


69.5 


57.3 


67.4 


64.9 


67.7 


64 




I 


59 


84.3 


75.2 


71.8 


67 


59.8 


70.3 


66.2 


68.5 


63 


1803 J 


II 

in 


59.7 
58.9 


83 
86.1 


78.9 
74 


72.3 
72.1 


63.8 
67.4 


57.7 
57.7 


68.2 
67.7 


63.8 
64.5 


67.4 
67.7 


58.3 




55.1 




rv 


58.6 


83.2 


70.5 


70.2 


72.3 


58.7 


67.2 


66 


67.8 


52.2 


1894 .; 


I 


57 


80.3 


69 


68.1 


65.8 


56.8 


65.1 


62.7 


65 


47.3 


II 


54.4 


79.7 


66.8 


66.3 


62.9 


55.3 


64.3 


61.1 


63.3 


47.2 


III 


54.8 


80.4 


63.8 


66.1 


63 


53 


63.9 


60.3 


62.8 


48.4 


i. 


IV 


53.2 


78.4 


60.8 


64.1 


62.3 


48.2 


63.5 


58.5 


60.9 


46.6 



a The four quarterly figures of each year do not in all cases exactly (in tlie decimals) agi'ee witli the annual averages, as tlie latter are partly calculated from 
revised iigures. 

h Silver 60.84d. per ounce. = 100. 



8 



MOVEMENT OF PEICES— (SAUEEBECK). 



The quarterly numbers show the average of three monthly figures, and thus eliminate minor fluctuations; 
they give the best idea of the gradual changes of all commodities and of certain classes. Two years ago I 
pointed out that food and materials, and again among food products, vegetable and animal food, moved very often 
in opposite directions. This was also the case in 1893; food and materials moving differently in all the four 
quarters, and vegetable and animal food showing the divergence in the first three quarters, but since the end of 
1893 all movements were alike, and tliis shows the strong force prevailing which aftected all commodities in their 
downward course, leaving no redeeming feature. As compared with the last quarter of 1889, which was the 
highest here recorded, the decline for all commodities amounted to 17 per cent on the average, and it extended to 
the various groups in the following manner: Sundry materials, 7; animal food, 9; sugar, coffee, and tea together, 
10; corn, etc., 20; minerals, 26; and textiles, 32 per cent. 

The next table shows the influence of certain seasons of the year on prices according to the average of the 
last ten years : 



AVEEAGE OF TEN TEAES, 1885-]8 



Vegetable food (corn, etc.) 

ADimalfood 

Sugar, coffee, and tea 

Minerals 

Textiles 

Sundry materials 

AH forty -five commodities 



ACTUAL AVEEAGE OF INDEX NUMBEKS, 
1867-1877 = 100. 



quarter. 



65.56 
83.44 
67.24 
72.47 
63.36 
69.63 



70.15 



II 

quarter. 



65.25 
83.19 
69.26 
69.77 
61.92 
68.05 



69.21 



in 

quarter. 



64.71 
84.54 
68.03 
70.83 
61. 17 
68.14 



69.24 



IV 
quarter. 



64.99 
82.57 
67.46 
73.31 
61.57 
68.72 



69.52 



PERCENTAGES, 1885-1894=100. 



I 

quarter. 



100. 66 
100 
98.88 
101. 22 
102. 13 
101. 34 



100. 89 



II 
quarter. 



100. 18 
99.70 

101. 85 
97.45 
99.86 
99.18 



99.54 



III 
quarter. 



99.35 
101. 33 
100. 04 
98.93 
98.66 
99.32 



99.59 



IV 
quarter. 



99.79 
98.97 
99.21 

102. 39 
99. 30 

100. 16 



99.98 



It confirms generally the conclusion arrived at two years ago. Vegetable food is cheapest in the third quarter, 
when the harvest begins; it rises in the fourth, and the first quarter is the highest, while the second shows a 
falling tendency. In the case of animal food the third quarter is on the average the highest, and the last quarter 
is the lowest, although the spring and summer months are influenced by the low prices of butter. The group of 
sugar, coffee, and tea is strongly affected by the great sugar speculations in the second quarter of 1889 and 1893, 
and the averages are therefore not reliable. Materials are in all cases higher during the winter than in the spring and 
summer quarters, though in the case of minerals some allowance should be made for the great speculation in 
the winter, 1887-88. For all commodities combined the first quarter is the highest; the fourth quarter comes 
next, and would have been nearly as high as the first had the year 1891, with its great fall, been left out. The 
second and third quarters are the lowest, the difference between the first and second amounting to nearly IJ 
per cent. 

Monthly fluctuations of the index numbers (a) of forty-five commodities, 1867-1877^100. 



YEAE. 


Janu- 
ary. 


Febru- 
ary. 


Marcb. 


April. 


May. 


June. 


July. 


August. 


Septem- 
ber. 


Octo- 
ber. 


Novem- 
ber. 


Decem- 
ber. 


Tear. 


1885 


72.3 

70 

69.5 

70.9 

72,6 

73.2 

71.1 

70 

68.4 

65.8 


72.6 

70.5 

68.6 

70.6 

73.5 

72.7 

71.5 

70 

69 

65 


72.6 
70.1 
68.3 
69.9 
72.1 
71.5 
71.7 
69.1 
68.1 
64.3 


72.5 

69.2 

68.4 

69.8 

72 

71.2 

72.4 

68.9 

67.4 

63.8 


73.3 
69.1 
68.2 
68.1 
71.4 
70.8 
72.8 
68.8 
67.4 
63.1 


72.7 
68.7 
67.9 
67.4 
71.6 
70.5 
71.8 
67.7 
67.4 
63.1 


72.2 

68.8 

68.1 

69 

72.6 

71.2 

71.6 

67.8 

67.7 

62.6 


72.2 
69.1 
68.3 
70.1 
71.4 
72.8 
71.9 
67.4 
67.1 
63 


71.1 
68.9 
68.2 
71.9 
72.1 
72.2 
71.7 
66.8 
68.2 
62.7 


70.4 
68.8 
67.7 
72.4 
72.1 
72.9 
70.7 
67.4 
68.6 
61.7 


71.1 
69.8 
69.1 

72.7 
73.7 
71.2 
71.4 
68.2 
67.8 
60.8 


70.8 

69.5 

72.4 

73.2 

73.7 

71.1 

71.4 

67.7 

67 

60.1 


72 
69 
B8 
70 
72 
72 
72 
68 
68 
63 


1886 


1887 


1888 


1889 


1890 


1891 


1892 


1893 


1894 




Total 


703.8 


703.9 


697.6 


695.6 


693 


688.8 


691.6 


693.3 


693.8 


692.7 


695.8 


696.9 


694 




Percentages, 1885 1894 — 100 


101.4 


101.4 


100.5 


100.2 


99.9 


99.3 


99.7 


99.9 


100 


99.8 


100.3 


100.4 


100 





a The twelve monthly figures of each year do not in all cases exactly (in the decimals) agree with the annual averages, as the latter are partly calculated from 
revised figures. 

As I have been asked to publish a table of the monthly fluctuations, and to draw an average in a similar 
manner as I had done with the quarterly movements, I now give the above figures for the last ten years, which 
may be a sufflciently long period for this purpose; but I have to observe that the result can not be fully relied 
upon, as the monthly fluctuations are often accidental. The same applies here to the December average as in the 
case of the former table to the fourth quarter. If the year 1891, with its great fall, had been left out, the December 
average would have been almost as high as the January and February figures. But so far as it goes it shows 



MOVEMENT OP PRICES— (SAUERBECK) 



9 



that tlie winter mouths are ou the average higher than the summer months, although the latter had been influenced 
by the extraordinary movements of sugar in June, 1889 and 1893. The difference between the highest and lowest 
month is 2 per cent, and the figures in the two tables indicate to what extent allowance has to be made in 
judging of movements from month to month, or from quarter to quarter. 

The following figures show in each case the. average index numbers of all the forty-five commodities of ten 
years (see the dotted line in the diagram of the Journal, 1886) ; they give the best picture of the gradual 
movement of the average prices of whole periods, as the ordinary fluctuations are still further obliterated: 



1818-1827 = 111 
1828-1837= 93 
1838-1847= 93 
1848-1857= 89 
1858-1867= 99 
1868-1877 = 100 



1874-1883 = 90 

1875-1884 = 87 
1876-1885 = 85 
1877-1886 = 82 
1878-1887 = 79 
1879-1888 = 78 



1880-1889 = 76 
1881-1890 = 75 
1882-1891 = 74 
1883-1892 = 72 
1884-1893 = 71 
1885-1894 = 69 



The arithmetical mean of the forty-five index numbers, which is 63 for 1894, has, as in former years, again 
been subjected to two tests : 

Firstly, by using the same index numbers of the separate articles, but calculating each article according to its 
importance in the United Kingdom on the average of the three years 1889-1891, when the mean for 1894 is 62.0 
against 67.1 in 1893. 

Secondly, by calculating the quantities in the United Kingdom at their actual values (the production on the 
basis of my price tables, the imports at board of trade values, and consequently a considerable portion according 
to a different set of prices) and at the nominal values on the basis of the average prices from 1867-1877. In this 
case the mean is 64.3 against 68.0 in 1893. That the figure is somewhat higher than the ordinary index number is 
partly due to the still high export price of coals, and partly to the fact that in a falling market the import values 
declared to the board of trade must on the average necessarily be higher than the prices ultimately realized. 

The following table gives the figures which have served for the second test (see also the Society's Journal, / 
1886, pp. 613-619) : . t' 



Movements of forty-five commodities in the United Kingdom {production and imports). 



YEARS. 


Estimated 

actual value in 

eacli period 


Nominal values at 

average prices 

of 1867-1877 

showing increase 
in (luantities. 


Movement of 

quantities, 

1848-1850 

= 100. 


Movement of quantities 
from period to period. 


Eatio 

of prices 

according to 

this table, 

1867-1877 

= 100. 


Average, 1848-1850 

1859-1861 

1869-1871 

1874-1876 

1879-18S1 

1884-1886 

1889-1891 

1892 


219, 800, 000 
350. 100, 000 
456, 600, 000 
537, 800, 000 
489, 700, 000 
445, 700, OOO 
504, 100, 000 
482, 900, 000 
445, 800, 000 
448, 400, 000 


S,. 
294, 800, 000 
382, 700, 000 
484, 600, 000 
538, 400, 000 
578, 500, 000 
610, 100, 000 

685, 200, 000 

686, 500, 000 
655, 300, 000 
696, 800, 000 


100 
130 
164 
183 
196 
207 
233 
233 
223 
236 




74.6 
91.5 
94.2 
99.9 
84,6 
73.0 
73.6 
70.3 
68.0 
64.3 


30 per cent over 1849 

27 per cent over 1860 


19 per cent over 1870 


18 per cent over 1880 


1893 




1894(11) 









a 1894 subject to correction after publication of the mineral produce returns. 

The nominal values at the uniform prices of 1867-1877 show the exact movement of quantities in the aggregate. 
The quantities have remained practically unchanged on the average of the last six years; during the three years 
1889-1891 they were 18 per cent larger than in 1880, and 133 per cent larger than in 1849. There was a 
considerable decrease in 1893, principally owing to diminished supplies of coals and cotton, while the figure for 
1894 is barely 2 per cent higher than 1889-1891. The actual value in 1894 was less than the average of 1869-1871, 
although the quantities were 44 per cent larger. 

Construction of the tables. 

The table of index numbers is based on the average prices of the eleven years 1867-1877, and the index 
numbers have been calculated in the ordinary arithmetical way; for instance, English wheat: 

s. d. 

Average, 1867-1877 54 6 = 100, average point. 

Average, 1855 74 8 = 137, or 37 per cent above the average point. 

Average, 1894 22 11 = 41, or 59 per cent below the average point. 

The index numbers therefore represent simple percentages qf the average point. 
461 2 



10 



MOVEMENT OF PEICES— (SAUEEBECK). 



Certain articles which appear to have something in common have been grouped together, with the following 
result : 



1. Vegefcaljle food, corn, etc. (wheat, flour, baxley, oats, maize, potatoes, and rice) . 
2 Animal food (beef, mutton, pork, bacon^ and batter) , 

3. Sugar, coffee, and tea 

1-3. Food 

4. Minerals (iron, copper, tin, lead, and coals) 

5. Textiles (cotton, Hax, hemp, jute, wool, and silk) 

6. Sundry materials (bides, leather, tallow, oils, soda, nitrate, indigo, and timber) 

4-6. Materials 

General average 



With 8 index numbers . 
With 7 index numbers . 
With 4 index numbers- 

Witb 19 index numbers 

With 7 index numbers - 
With 8 index numbers. 
With 11 index numbers 

With 26 index numbers 

With 45 index numbers 



EXAMPLE FOE 1894. 



Total 
numbers. 



439 
560 
260 



445 
424 
704 



2,832 



Average. 



55 
80 
65 



66 



64 
53 
64 



The general average is drawn from all forty-five descriptions, which are treated as of equal value, and is the 
simple arithmetical mean as shown above. 

Average prices of commodities, (a) 








1 


2 


S 


4 

BAKLEY. 


5 


G 


! 


8 


1-8 












Silver. (6) 


WHEAT. 


FLOOE. 


OATS. 


MAIZE. 


POTATOES. 

(a) 


BICE. 


Vegetable 
food, 
total. 


BEEF. (C) 


YEAR. 


EngUsb 
Gazette. 


American. 


Town- 
made 
white. 


EngUsb 
Gazette. 


English 
Gazette. 


American 
mixed. 


Good Eng- 
lish. 


Eangoon 

cargoes to 

arrive. 


Prime. 


1880 


Per oz. 

d. 
52i 
51iJ 
61| 
50A 
50 ii 
481 
45§ 
44S 
42J 
42!>- 
47B 

39{| 
35| 

28-1-8 


Per qr. 
s. d. 

44 4 

45 4 
45 1 
41 7 
35 8 
32 10 

31 

32 6 
31 10 

29 9 
31 11 
37 

30 3 
26 4 
22 11 


Per qr. 
s. d. 

51 

52 
48 6 
45 

36 6 
35 
35 

34 

37 

35 
35 6 
40 
33 
27 6 
23 6 


Per sack 
(iSOlbs.). 
s. 
39 
40 
40 
36 
31 
29 
28 
28 
30 
29 
29 
33 
28 
26 
22 


Per qr, 
s. d. 
33 1 
31 11 
31 2 
31 10 
30 8 
30 1 

26 7 
25 4 

27 10 

25 10 

28 8 
28 2 

26 2 
25 7 
24 6 


Per qr. 
s. d. 
23 1 
21 9 
21 10 
21 5 
20 3 
20 7 

19 
16 3 

16 9 

17 9 

18 7 

20 

19 10 
18 9 
17 1 


Per qr. 
s. 

25J 
27J 
31 
27J 
25i 
23 
21 
21i 
234 
20 
20 
28 
21| 
20 
20 


Per ton. 
s. 

130 
85 
95 
105 
75 
75 
80 
85 
80 
80 
70 
92 
70 
65 
70 


Per cult, 
s. d. 
9 1 
8 4 

7 5 

8 1 
7 8 
7 
6 7 

6 10 

7 1 
7 3 
7 3 
7 11 
7 8 
6 2 




Per S lbs. 
d. 


1881 




56 


1882 




60 


1883 






1884 






1885 




52 


1880 




49 


1887 




43 


1888 






1889 






1890 




47 


1891 




47 


1892 




47 


1893 






1894 














Average, 1885-1894 


42J 

50 

58i 


30i 

40 

54J 


33* 
43i 
56 


28 

34* 

46 


27 

31* 

39 


18* 

21 

26 


22 
25 
32i 


77 
102 
117 


64 
8 
10 




47i 
59 


1878-1887 




1867-1877 












[Index numbers (or percentages) of prices, the average of 1867-1877 being 100.] 


1880 


85.9 

86 

84.9 

83.1 

83.3 

79.9 

74.6 

73.3 

70.4 

70.2 

78.4 

74.1 

65.4 

58.6 

47.6 


81 
83 
83 
76 
65 
60 
57 
60 
68 
55 
59 
68 
66 
48 
41 


91 
93 
. 87 
80 
65 
62 
62 
61 
66 
63 
63 
71 
59 
50 
42 


85 
87 
87 
78 
65 
63 
61 
61 
65 
63 
63 
72 
61 
54 
48 


85 
82 
80 
82 
79 
77 
68 
65 
71 
66 
73 
72 
67 
66 
63 


89 
84 
84 
82 
78 
79 
73 
63 
64 
69 
72 
77 
76 
72 
66 


79 
85 
95 
85 
78 
71 
65 
65 
72 
61 
61 
86 
67 
61 
61 


111 
73 
81 
90 
64 
64 
69 
73 
69 
69 
60 
79 
60 
56 
60 


91 
83 
74 
81 
77 
70 
66 
68 
71 
72 
72 
79 
77 
62 
58 


712 
670 
671 
654 
571 
546 
521 
516 
636 
518 
523 
604 
623 
469 
439 


98 


1881 


95 


1882 




1883 




1884 


98 


1885 


88 


1886 


S3 


1887 


73 


1888, 


81 


1889 


80 


1890 




1891 


80 


1893 


80 


1893 


81 


1894 


80 







a The annual prices are the averages of 12 monthly or 52 weekly quotations ; potatoes of 8 monthly quotations, January to April and September to December. 
6 Index numbers of silver as compared with 60.84d. per ounce being the parity between gold and silver at 1-15^ ; not included in the general average, 
c Meat (9-13), by the carcass, in the London meat market. 



MOVEMENT OF PEICES— (SAUERBECK). 

Average prices of commodities — Continued. 



11 



Number of article . 



1881 

1882 

1883 

1884 

1885.... 

1886 , 

1887 

1888 

1889 , 

1890 

1891 

1892 

1893 

1894 

Average, 1885-1894. 
1878-1887. 
1867-1877. 



1880. 
1881. 
1882. 
1883. 
1884 
1885 
1886. 
1887. 
1888. 
1889. 
1890. 
1891. 
1892. 
1893. 
1894. 



10 



Mid- 
dling. 



Per S lbs. 
d. 
49 
48 
51 
51 
49 
44 
40 
36 
39 
39 
38 
40 
38 
39 
37 



11 



12 



Prime. 



PerSlbs. 
d. 
66 
69 
72 
73 
64 
56 
62 
52 
58 
63 
59 
53 
53 
53 
55 



56i 
64i 
63 



Mid- 
dlins. 



Per 8 lbs. 
d. 
54 
57 
60 
61 
53 
47 
50 
42 
47 
50 
45 
42 
42 
42 
42 



18 



Large and 

small, 
average. 



14 



"Water- 
ford. 



Per cwt. 



d. 


s. 


55 


76 


54 


76 


51 


74 


49 


72 


48 


70 


45 


68 


45 


67 


43 


61 


40 


61 


43 


66 


42 


62 


39 


63 


48 


68 


50 


68 


44 


59 


44 


64i 


49 


71 


52 


74 



16 



Friesland, 
tine to 
finest. 



125 
123 
125 
123 
120 
111 
100 
103 
100 
102 
100 
106 
108 
106 
98 



103 
116 
125 



9-15 



Animal 
food, 
total. 



16a 



16b 



17 



British 

"West 

Indian 

refining. 



20i 
21i 
20 
19 

m 

13* 
111 

Hi 

13 

16 

13 

13i 

13i 

14i 

Hi 



13i 

17 

23 



Beet, Ger- 
man, 88 p. 
c., f. o. b. 



21i 

22 

2U 

20J 

13i 

14i 

Hi 

124 

13i 

16i 

12* 

13* 

13J 

15 

Hi 



Java, 
iioating 
cargoes. 



Per cvjt. 
s. 
25i 
265 
25J 
24i 
174 
17* 
Wi 
Hi 
16 
19 
15i 
15i 
16 
17i 
133 



13* 
18 
24 



16 

21* 

28* 



18a (a) 18b (a) 



Ceylon 
plantation, 
low mid- 
dling. 



[Index numbers (or percentages) of prices, the average of 1867-1877 being 100.] 



98 


lO.i 


98 


96 


109 


104 


102 


114 


109 


102 


116 


111 


98 


102 


96 


88 


89 


85 


80 


98 


91 


72 


83 


76 


78 


92 


85 


78 


100 


91 


76 


91 


82 


80 


84 


76 


76 


84 


76 


78 


84 


76 


74 


87 


76 



106 


103 


104 


103 


98 


100 


94 


97 


92 


95 


87 


92 


87 


91 


83 


82 


77 


82 


83 


89 


81 


81 


75 


85 


92 


92 


96 


92 


85 


80 



100 


708 


98 


709 


100 


725 


98 


722 


96 


677 


89 


618 


80 


610 


82 


551 


80 


. 575 


82 


603 


SO 


577 


85 


565 


86 


586 


85 


592 


78 


560 



92 
87 
84 
56 
59 
50 
52 
57 
69 
54 
57 
58 
62 
48 



Rio, 

good 

channel. 



87 

80 

65 1 

76 

62 

60 

68 

90 

80 

95 
101 
101 
104 
103 
102 




61 
49 
39 
43 
47 
39 
46 
78 
61 
76 
83 
76 
68 
81 
75 



69 
52 
64 



(o) 



100 


95 


92 


77 


75 


61 


87 


67 


91 


74 


69 


61 


78 


72 


104 


122 


92 


100 


109 


119 


116 


130 


116 


119 


120 


106 


118 


127 


117 


117 



a Index numbers not included in the general average. 



12 



MOVEMENT OF PEIOES— (SAUERBECK). 
Average prices of commodities — Continued. 



Number of article. 



18 



ISa (o) 



19b (o) 



19 



16-19 



1-19 



21 



22 



Meau of 

18a and 

18b. 



Congou, 
common. 



1880. 
1881. 
1882., 
1883. 
1884., 
1885. 
1886. 
1887. 
1888. 
1889. 
1890. 
1891. 
1892. 
1893. 
1894. 



Average, 1885-1S94. 
1878-1887. 
1867-1877. 



18S0.. 
1881. , 
1882., 
1883., 
1884., 
1885., 
1836., 
1887., 
1888. 
1889. 
1890. 
1891. 
1892. 
1893. 
1894. 



97 
84 
68 
77 
73 
65 
76 
113 
96 
114 
123 
118 
113 
123 
117 



Per 



lb. 
d. 
Si 
64 

5 
5i 

H 

6i 

5 

4 

H 

4i 
5i 

4J 
5| 
4i 



5 

n 

Hi 



Average 
import 
price. 



Per lb. 

d. 

13.47 

12.82 

• 12. 58 

12.46 

11.78 

12.06 

11.77 

10.58 

10.99 

10.79 

10.65 

10.70 

10.07 

9.74 

9.66 



Mean of 

19a and 

19b. 



Sugar, 

colfee, and 

tea, 

total. 



Food, 
total. 



Scotch pig. 



Fer ton. 

s. d. 

54 6 

49 I 

49 4 

46 9 
42 1 

41 10 
39 11 

42 3 
39 11 

47 9 



47 



41 10 

42 4 
42 8 



lOJ 
]2i 
17i 



43i 

46 

69 



Chile bars. 



Per ton. 
£ 

6i 
5i 
5i 



Per ton. 
£ 
63 
62 



English 
tough 
cake. 



Per ton. 
£ 
68 
67 
71 
67 
59 
47 
44 
47 
78 
54 
59 
65 
48 
47 
43 



[Index numbers (or percentages) of prices, the average of 1867-1877 being 



(a) 
78 
68 
45 
49 
66 
58 
58 
44 
36 
38 
40 
49 
43 
48 



a) 
78 
75 
73 
72 
68 
70 
69 
62 
64 
63 
62 
62 
59 
67 
56 



353 
335 
303 
307 
253 
250 
239 
269 
259 
300 
282 
285 
278 
299 
260 



1,773 
1,714 
1,699 
1,683 
1,601 
1,414 
1,370 
1,336 
1,370 
1,421 
1,382 
1,454 
1,387 
1,360 
1,259 



71 
71 
69 
61 
60 
68 
61 
68 
69 
72 
68 
61 
61 
62 



70 
76 
70 
62 
69 
56 
56 
59 



66 
61 
69 



84 
83 
88 
84 
72 
57 
53 
59 
108 
68 
72 
68 
60 
59 
53 



Straits. 



Per ton. 
£ 



93 

W2 

93 

81 

87 

98 

112 

117 

93 

94 

91 

93 

85 

63 



97 
89 
77 
83 
93 
107 
111 
89 
90 
87 
89 
81 
65 



a Index numbers not included in the general average. 



MOVEMENT OF PEIGES— (SAUERBECK). 
Average prices of commodities — Continued. 



13 



Number of article. 



YEAR. 



1880.. 
1881.. 
1882., 
1883.. 
1884. 
1885. 
1886. 
1887. 
1888. 
1889. 
1890. 
1891. 
1892. 
1893. 
1894. 



Average 1885-1894. 
1878-1887. 
1867-1877. 



24 



English 
pig- 



Per ion. 
s. 

16i 
15J 

144 
12| 

Hi 

111 

13i 
124 
13| 
13 
13i 
12J 
lOJ 
9i 
91 



1880.. 
1881.. 
1882. . 
1883.. 
1884. 
1885. 
1886. 
1887. 
1888. 
1889. 
1890. 
1891. 
1892. 
1893. 
1894. 



25 



36 



20-26 



"Wallsend 
Hett.ou in 
London. 



12 
14 
20J 



Per ton. 
s. 

15J 
17 
17 
18 
16J 
16i 
16 
16 
16i 
]7i 
19 
19 
18J 
191 
164 



80 
74 
71 
63 
55 
57 
65 
63 
68 
63 
65 
61 
52 
48 
47 



Average 
export 
price. 



8.95 
8.97 
9.14 
9.35 
9.29 
8.95 
8.45 
8.32 
8.41 
10.21 
12.62 
12.16 
11.04 
9.90 
10.51 



17* 
16J 



10 
9 
12» 



Minerals, 
total. 



27 



28 



Middling 
TTplanda. 



Per lb. 



6lB 

68 
5i 
6 

5i 
54 

R 9 

6 
4A 



Fair 
DhoUerah, 



29a 



29b 



Per lb. 
d. 
51 
H 
4ft 



4i 



3J 

4i 

3il 

3J 

3 

3A 

2f 



St. Peters- 
burg 12 
bead best. 



3ft 
6J 



per ton. 
£ 
35 
324 
294 
30 
294 
34 
35 



27 
28 
28 
34 
32 



304 

33 

46 



Russian, 
average 
import. 



Per ton. 
£ 
40 
33 
304 



35 

35 

314 

28 

28 

26 

26 

26 

314 

33 



30a 



30b 



Manila, 

fair 
roping. 



30 
34 
48 



Per ton, 
£ 
30 
43 
46 
46 
38 
35 
29 
34 
37 
50 
39 
32 
28 
26 
22 



St. Peters- 
burg, 
clean. 



Per to7i. 
£ 
23 
24 
24 
26 
29 
29 
29 
29 



24 
24 
24 
24 



33 

354 

43 



[Index numbers (or percentages) of prices, the average of 1867-1877 being 100.] 



70 


72 


77 


72 


77 


73 


82 


75 


75 


74 


75 


72 


73 


68 


73 


67 


75 


67 


80 


82 


86 


101 


86 


97 


84 


88 


89 


80 


75 


84 



551 
536 
;i53 
532 
476 
463 
466 
486 
546 
527 
563 
635 
500 
479 
445 



77 
71 
74 
64 
67 
62 
57 
62 
62 
66 
67 
52 
46 
51 
42 



78 
65 
64 
58 
59 
63 
53 
53 
58 
61 
58 
48 
45 
53 
39 



79 
70 
64 
65 
64 
73 
75 
68 
61 
60 
56 
57 
57 
70 



68 
86 
90 
92 
86 
82 
74 
81 
81 
97 
82 
72 
67 
64 
59 



31 



Good 
medium. 



Per ton. 
£ 



26 

264 

35 



18J 

184 

15 

14i 

134 

12 

llj 

12i 

13J 

15 

13i 

13 

15 

13 

12i 



13 
15 
19 



98 
79 
75 
71 
63 
61 
64 
70 
79 
70 
68 
79 
68 
66 



14 



MOVEMENT OP PEICES— (SAUEEBEGK). 

Average prices of commodities — Continued. 





32a 


32b 


33 


34 


27-34 


85a 


35b 


36 


87a 


37b 


38 








wool,. 


SILK. 


Textiles, 
total. 


HIDES. 


LEATHEB. 


TALLOW. 


OIL. 


TEAE. 


Merino, 
Port PMl- 

lip, aver- 
age fleece. 


Merino, 

Adelaide, 

average 

greaoe. 


English, 
Lincoln, 
half hogs. 


Tsatlee. 


Kiver 
Plate, dry. 


River Plate, 
salted. 


Crop hides, 
30-45 lbs. 


St. Peters- 
burg, Y. C. 


Town. 


Palm. 


1880 - .-.. 


Per m. 
d. 
^1* 
19* 

in 

19 

|8i 

16* 

isi 

15| 

15J 

175 

16 

14J 

13 

12i 

nj 


Per lb. 
d. 

m 

9i 
9 

8i 
8* 
6i 
6f 
7 
7 
8i 
.7J 
6| 
6 
6 

H 


Per lb. 
d. 

m 

12§ 
Hi 
10 

io 
io 

m 

105 

11 
11 

H 

8i 
lOJ 
lOJ 


Per lb. 
s. 
15 
15f 
151 
161 
14J 
12i 
13i 

m 

13 

13* 

14 

13 

12i 

12* 

10 




Per lb. 
d. 

9i 

9 

9 

9 

9 

8i 

8 

7| 

6i 

6i 

5i 

5* 

5i 

6* 

5* 


Per lb. 
d. 
7* 
7 

7 

7 

7 

6* 

51 

6i 

4J 

5 

54 
5i 
•41 

4J 


Per lb. 
d. 
15i 
16J 
15 
15 
15 
15 
15 
15 
14 
13J 
13 
13 
13 
13 
12i 


Per mot. 
s. 
'41 
42 
52 
50 
47 
38 
31 
31 
36 
38 
38 
40 
45 
48 
48 


Per cwt. 
s. 
36 
38 
44 
43 
37J 
30i 
26 
24 
28 
27 
26 
27i 
27 
30J 
25* 


Per ton. 
S, 
32 


1881 - . . ^ 




3'> 


18S2 j--- 




35 


1883 J..- 






1884 j.-. 






1885 




30 


1886 . :.-- 




24 


1887 




22 








1889 






1890 




07 


1891 




26 


1892 




24 


1893 




28 


1891 - 












Average, 1885-1894 


15 

18i 

21i 


Si 

9| 


lOJ 

Hi 

19i 


13 
15 
23 




6* 

85 

9 


58 
6| 

7 


131 

15 

16 


39 
41 
45 


27 

35i 

45 


25 


1878-1887 




32i 
39 


1867-1877 












[Index numbers (or percentages) of prices, the average of 1867-1877 being 100.] 






77 
63 
57 
51 
51 
50 
51 
54 
53 
56 
56 
49 
44 
52 
51 


65 

68 
68 
68 
63 
55 
60 
63 
67 
59 
61 
57 
53 
54 
43 


646 . 

613 

588 

562 

546 

521 

601 

517 

514 

560 

526 

473 

452 

472 

424 




97 
95 
94 
94 
94 
94 
94 
94 
87 
84 
81 
81 
81 
81 
78 






1880 


103 
92 
92 
89 
85 
73 
70 
72 
72 
82 
76 
70 
61 
60 
5'< 


105 
100 
100 
100 
100 
95 
85 
88 
73 
70 
70 
66 
63 
65 
64 


86 
89 
107 
103 
94 
76 
63 
61 
71 
72 
71 
75 
80 
87 
82 


82 




82 


1882 . ... 


90 




105 


1881 


92 




77 


1886 


61 


1887 


56 


1888 .... 


56 




64 


1890 


69 




67 


1892 


■ 61 


1893 


72 


1894 


63 



















MOVEMENT OF PEICES— (SAUERBECK). 

Average prices of commodities — Continued. 



15 



Number of article . 



1880 

1881 

1882 

1883 

1884 

1885 

1886 

1887 

1888 

1889 

1890 

1891 

1892 

1893 

1894 

Average, 1885-1894 
1878-1887 
1867-1877 



1880 
1881 
1882 
1883 
1884 
1885 
1886 
1887 
1888 
1889 
1890. 
1891. 
1892 
1893. 
1894. 



39 



10a 



Olive. 



Per tun. 



Linseed. 



Per tun. 
£ 
27 
20 
23 
20 
20 
22 
20i 
20i 
18J 
20 
23 
21 
18* 
20i 
20i 



20* 

23 

30 



40b 



Linseed. 



Per qr. 
s. 

54 
50 
44 
43 
43 
44 
42 



41 



PETEO- 
LBUM. (O) 



Eefined. 



Per gall, 
d. 

6 

6i 

6b 

6| 

5J 

ei 

61 

5J 

5f 

5 

4 



42 



CrystaLs. 



Per ton. 
s. 
74 
65 
63 
66 
65 
55 
49 
50 
48 
51 
61 
64 
66 
58 
42 



5i 
a 12i 



43 



Nitrate 
of .soda. 



Per cvjt. 
s. 

154 
14* 
13J 
llj 
9i 
lOJ 
10 
9* 
10 
Si 
Si 
8i 
8i 

9J 



44 



Bengal, 
good con- 
suming. 



Per lb. 
s. 

n 

6i 

Si 

6i 
6 

5i 

5 

4| 

<4 

i\ 

4i 

4i 

4i 
5* 



9i 
12* 

14 



45a 



45b 



Hewn, 
average 
import. 



Sawn or 

split, 
average 
import. 



Per load. Per load. 



51 
52 
52 
48 
48 
43 
38 
41 
47 
44 
40 
40 
38 



41* 

47 

60 



35-45 



Sundry 
mate- 
rials, 
total. 



20-45 



Mate- 
rials, 
total. 



[Index numbers {or percentages) of prices, the average of 1867-1877 being 100.] 



9u 
85 
75 
68 
69 
73 
69 
65 
63 
69 
73 
70 
64 
69 
65 



(a) 
60 

58 

48 

52 

52 

55 

47 

45 

52 

46 

45 

45 

40 

32 

31 



80 


111 


71 


101 


69 


95 


72 


80 


71 


68 


60 


75 


53 


71 


54 


68 


52 


71 


55 


68 


66 


61 


70 


63 


72 


63 


62 


66 


46 


66 



90 
86 
83 
72 
69 
66 
66 
62 
59 
66 
63 
76 
69 



89 



82 
81 
76 
70 
74 
84 
79 
73 
74 
71 
70 



1-45 



Grand 
total. 



982 


2,179 


942 


2,091 


933 


2,074 


920 


2,014 


885 


1,907 


836 


1,820 


764 


1,731 


735 


1,738 


737 


1,797 


744 


1,831 


756 


1,845 


762 


1,770 


732 


1,684 


753 


1,704 


704 


1,573 



3,952 
3,805 
3,773 
3,697 
3,408 
3,234 
3,101 
3,074 
3,167 
3,252 
3,227 
3,224 
3,071 
3,064 
2, 832 



a Petroleum as compared with the averagefrom 1873-1877 only. 



16 



MOVEMENT OF PEICES— (ECONOMIST). 



Wholesale Prices of Commodities, mainly in London and Manchester— Average Six Tears, 1845- 

1850; Selected Dates, 1879-1893; and Monthly, 1894. 

[ITrom the London Economist. Commercial History and Keview of 1894.] 






















[ 


(n.) WHEAT 


{ENGLAND AND WALES), 


POTATOES 


(BOEOCGH), AND 






(I.) COLONIAL AND 


TROPICAL PEODUCE (FOOD). 










BUTCHERS' 5IEAT (SMITHFIP.LD MARKET). 




--. 


1 


2 


3 


1 


.5 


6 


7 


8 


9 




10 


11 


12 


13 


14 


DATES. 


Coffee. 




Sug 


ar. 






Rum. 


Tea. 


Tobaoco. 


Butter. 


Wheat. 


Potatoes. 


Beef. 


Mutton. 

1 


Pork. 




Jamaica. 

nrd. to 

fine ord. 


Brit. plan. ; 
brown. 


Beng.al 
gd. yellow 
and wbite. 


Jamaica. 
15 to 
25 0. p. 


Congou 
mid. com. 
to fr. gd. 


Virginia 
leaf, i 


"Water- 
ford. 


Gazette 
price. 


Good 
English. 


Inferior 
mid. 


Prime 
large. 


Middling. 


Prime. 


Large. 




Ver cwt. 


F&r cir^t. 


Per czvt 




Per gall. 


Pm- lb. 


Per lb 




Per cu!t. 


Per qr. 


Per ton. 


Per 8 lbs. 


Per S lbs. 


Per S lbs. 


Per S Vis. 


Per 8 Uis. 




s. s. 


s. 


d. s. d. 


s. 


d. s. 


d. 


d. d. 


d. d. 


d. s. 


i. 


s. 


s. d. 


s. 


d. 


d. d. 


d. d. 


d. d. 


d. d. 


d. d. 


1845-1850 


44 ®54 


28 


0®30 


36 


0®49 





34®38 
30to35o.p 


H 


4i®0 





82 


53 






34®36 


38®40 


42®46 


48®50 


39®47 


Jan. 1,1879.. 


69 ®82 


17 


0®20 6 


19 


0®23 





30®32 


7i®13 


4 ®0 10 


103 


39 7 


120 


° 


42® 48 


52® 56 


48® 56 


58® 64 


42® 48 


Jan. 1,1880.. 


68 ®80 


20 


6®24 6 


21 


6®26 





40® 42 


11 ®15 


4J®0 lU 


117 


46 11 


145 





36®48 


52®56 


44® 50 


52®60 


48®52 


Jan. 1.1881.. 


55 ®65 


18 


6®21 6 


19 


0®23 





31®33 


74®11 


4i®0 10 


119 


43 4 


85 





52®56 


56®58 


60® 68 


60® 72 


60® 66 


Jan. 1,1882.. 


43 ®55 


19 


6®22 6 


21 


6®25 





45®48 


6 ®10J 6 ®1 


3 


127 


44 3 


85 





44®48 


54® 58 


42®46 


50® 60 


46® 54 


Jan. 1,1883.. 


34 ®45 


16 


6®20 


19 


0®23 





33®38 


5 ® 9 


5 ®1 


5 


118 


40 11 


120 





40®48 


56®62 


63®70 


75®80 


48®52 


Jan. 1,1884.- 


44 ®60 


16 


6®19 


18 


0®22 





30® 36 


7 ®10 


4 ®1 


3 


112 


39 


80 





38®44 


56®62 


52®60 


62®70 


44®48 


Jan. 1,1885.. 
Jan. 1,1886-. 
Jan. 1,1887.. 
Jan. 1,1888.. 
Jan. 1,1889.. 


40 ®52 
38 ®46 
60 ®70 

78 ®85 

79 ®90 


9 


6®12 








2a®34 


5J® 9 
71®10 
5i® 8 
4i® 7* 


■4 ®1 


3 


100 


31 11 


70 





44®o2 


52®56 


44®48 


50® 64 


38®40 


13 
10 
13 


6® 15 6 








33® 35 


5 ®1 


1* 


85 


30 3 


90 





28®40 


44®48 


40®44 


48®56 


28®36 


0®12 








34®36 


5J®1 


2 


105 


35 


90 





28®40 


44®48 


44®52 


54® 60 


a6®44 


6®15 




27® 30 


6 ®1 


4 


100 


30 9 


90 





27®48 


48®54 


36® 44 


48®52 


32®38 


14 


0®15 




25® 29 


4 ® 9 


4i®l 


4 


100 


30 4 


90 





28®32 


48®52 


40®52 


60®64 


36®40 






Beet, German. 




























Jan. 1,]890.. 


87 ®95 


11 


6® 13 




11 


6 


31® 33 


4 ® 7i 4 ®1 


4 


84 


29 10 


60 





30®34 


50®52 


46®54 


68®76 


36®44 


Jan. 1,1891.. 


79 ®90 


12 


0®13 6 




12 


H 


33®35 


5 ® 8 


4 ®1 


6 


100 


32 7 


78 





28 


56 


60 


72 


37 






Sirupe. 


































Jan. 1,1892.. 


86i®95 


12 


6®16 6 




14 


2i 


42®44 


4J® 6i! 4 ®1 


6 


99 


36 10 


68 


14 


32 


58 


62 


70 


44 


July 1,1892.. 


78 ®90 


10 


6® 14 6 




13 


1* 


28®31 


4i® 6j' 4 ®1 


6 


83| 


29 10 


76 


4 


36 


55 


52 


66 


52 


Jan.l, 1893.. 


80 ®95 


11 


e®14 6 


14 


3® 14 


*i 


28®30 


54® 7 


4 ®1 


5 


964 
Cork 1st. 


25 8 


65 





28 


56 


54 


64 


GO 


July 1,1893.. 


80 ®95 


15 


0®18 




18 


7i 


29® 32 


5J® 7 


4 ®1 


5 


96 


26 9 






38 


54 


52 


62 


50 








Jan. 1,1894.. 


80 ®95 


12 


0®15 




12 


7i 


28® 30 


4i® 6J 


4 ®1 


6 


114 


26 6 


60 





43 


60 


64 


72 


60 


Feb. 1,1894.. 


80 ®95 


13 


0®15 6 




12 


9 


28® 30 


4J® 6J 


4 ®1 


5 


119 


26 1 


55 





37 


54 


58 


66 


52 


Mar. 1,1894.. 
Apr. 1,1894-. 


80 ®9o 
80 ®95 


11 
11 


0®13 6 
0®15 




12 


9 


28^30 


4 ® 6 


4 ®1 


5 




24 5 


50 





34 


52 


56 


64 


52 




12 


9 


28®30 


4 ® 6J 


4 ®1 


5 


108 


24 4 


42 


6 


39 


50 


60 


68 


48 


M.iy 1,1894.- 


80 ®95 


11 


0®15 




11 


4 


27® 30 


4 ® 6J 


4 ®1 


5 


85 


24 10 


50 





33 


52 


60 


68 


48 


Junel, 1894-- 


76 ®86 


11 


0®14 




11 


6i 


26®30 


3J® 6J 


4 ®1 


5 


80 


24 4 


50 





37 


54 


60 


68 


48 


July 1,1894.. 


76 ®86 


11 


0®14 




12 


3 


25®28 


3J® 6J 


4 ®1 


5 


78 


23 10 


50 





41 


54 


58 


68 


48 




77 ®90 


10 


0®12 6 




11 


H 


24®27 


4 ® 7J 


4 ®1 


5 


76 


24 8 


80 





38 


54 


64 


70 




Ang. 1. 1894-- 






78 ®90 


10 


0®13 




12 


U 


24®27 


4 ® 7J 


4 ®1 


5 


77 


24 1 


70 





38 


54 


64 


72 




Sept. 1, 1894.. 




Oct. 1,1894.. 


80 ®92 


10 


0®13 




11 





24® 27 


4 ® 7j 


4 ®1 


5 


81 


19 8 


75 





38 


50 


64 


72 








78 ®88 


10 


0®12 6 




9 


iij 


24®27 


4 ® 7j 


4 ®1 


5 


76 


17 7 


85 





38 


52 


66 


70 




Not. 1,1894-. 






80 ®92 


7 


6®10 6 




8 


Hi 


24®27 


4 ® 7J 


4 ®1 


5 


99 


19 11 


80 





38 


50 


66 


72 




Dec. 1, 1894- . 




Jan. 1,1895.. 


80 ®92 


7 


6®n 




8 


7J 


24®27 


4 ® 7i 


4 ®1 


5 


100 


20 9 


75 





37 


62 


64 


72 


52 



MOVEMENT OP PEICES— (ECONOMIST). 



17 



Wholesale Prices of Commodities, mainly in London and Manchester— Average Six Years, 1845- 
1850; Selected Dates, 1879-1893; and Monthly, 1894— Continued. 



[From the London Economist. Commercial History and Review of 1894. 



DATES. 



(UI.) RAW MATERIALS OF MANXTFACTUEE. 



15 



Silk. 



Eaw 
Cosslm- 
huzar. 



1845-1850 

Jan. 1,1879.. 

1,1880.. 

1,1881.. 

1,1882-. 

1,1883.. 

1,1884.. 

1,1885.. 



Jan. 
Jan. 
Jan. 
Jan. 
Jan. 
Jan. 



Jan. 1,1886. 

Jan. 1,1887. 

Jan. 1,1888. 

Jan. 1, 1889. 



Jan. 1,1890. 
Jan. 1,1891. 
Jan. 1,1892. 

Jnly 1,1892. 
Jan. 1,1893. 
July 1,1893. 



Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

Jnly 

Ang. 

Sept. 

Oct. 

Nov. 

Dec. 

Jan. 



1,1894. 
1, 1894. 
1, 1894. 
1, 1894. 
1,1894. 
1, 1894. 
1,1894. 
1,1894. 
1,1894. 
1,1894. 
1,1894. 
1,1894. 
1,1895. 



Per lb. 

s. d. s. 

9 0®14 

11 6®14 

13 6® 17 

14 0®16 

15 0®17 
13 6®15 

12 6® 14 
8 0®12 



9 0®12 6 

14 0®16 

13 0®U 

12 6®12 9 



12 6®13 9 

14 9®15 3 

13 
Tmtlee S d S 

13 3 

13 9 

14 9 
Co8si7iibuzar, 

12 9 

12 9 

12 6 

11 li 

11 



11 

11 

10 9 

10 3 

10 

10 

9 9 

9 9 



Ifi 



Flax. 



St. Peters- 
burg 
12-head. 



Per ton. 

£ £ 

41®47 

35 

33 

29 

30 
27* 
27 
30 

29* 
32 
27 
27* 



23 
23 
24 

24 
23 
31 

31 
31 
31 
31 
31 
31 
31 
31 
31 
31 
31 
31 
31 



17 



Linen 
yarn. 



GO'S 



18 



Hemp. 



19 



"V\^ool, sheep's. 



St. 
r>„i ■„.,,„ Peters- Engli.sh 
Ordinary ,,n^g eiean southdown. 
Belfast. , =',^^ 



Per bitdl. 
s. d. 



i 3 

4 » 

4 

3 lOJ 

3 7* 

3 7* 

4 U 

3 lOJ 
3 6 
3 3 

3 4* 



3 4J 
3 9 
3 lOJ 



3 84 

4 3 



4 



3 6 
3 3 
3 



Per ton. 
£ 
32- 
25 
25* 
23| 
26i 
234 
294 
29* 



28J 



26 
23 
24 

23 
23 
24 
24 
24 
24 
24 
23 
23 
23 
24 
24 
24 



Per HO lbs. 
£ 
13 
13 
144 
154 
14 
12 
124 
Ui 

104 

12J 

Hi 
11 



12 

114 

12 

12 
lli 

Hi 

Hi 

Hi 

Hi 

104 
104 
104 

lOJ 
lOJ 
lOJ 
10$ 
lOJ 
10| 



Port 

Philip 

lambs and 

fleece. 



Per a. 

d. d. 
12®22 
14®24 
18®23 
17®20 
18®19 
18®20 
17®18 
16®17 

16® 17 

22®24 

21®23 

20®22 

Good 
Yictorian 
scoured. 

24 

20 

m 

184 
1T4 
174 

174 
174 

174 
174 
164 
154 
154 

16i 

16i 

164 

16 

loj 

151 



South 
A nstra- 

lian 
lambs. 



Per lb. 
d. d. 



13 ®18 

15 ®22 
18 ®21 
17*® 19 
18 ®20 
17 ®18 

16 ®18 

16 ®18 



22 



23 



Dyes. 



Logwood, 
Jamaica. 



Cape 
scoured, 
superior. 



184 
17 

164 
174 
16J 

164 

16 

16 

154 

154 

154 

154 

154 

154 

154 

154 

15 

15 



Per ton. 

s. 8, d. 

87® 93 

112 6 

132 6 

112 6 

105 

105 

105 



102 6 

96 3 

105 

130 

130 



113 9 

117 6 

120 

122 6 

125 

145 

155 

155 

155 

155 

145 

1334 

130 

125 



130 
130 
130 



Indigo, 
Bengal. 



Per lb. 

s. d. s. d. 

2 0®5 6 

5 7®7 
7 0®8 9 
7 0®8 1 

6 7®7 8 
6 6®7 
5 6®6 4 
5 6®6 3 



5 4®6 3 

4 7®5 3 

4 6®5 2 

4 2®5 2 



4 2®4 10 
4 9®5 6 
4 3®4 4 

4 5®4 8 

4 5®4 8 

5 6®5 8 



5 11®6 2 
5 11®6 2 
5 6®6 
6®6 
7® 5 10 
7®5 10 
7®5 10 
4®5 7 
4®5 7 
4®5 7 
8®5 6 
8®5 6 
8®5 6 



24 



2G 



27 



Oils. 



Seal, 
pale. 



Per 252 g. 
£ 
314 
284 
304 
28i 
28i 
■354 
324 
274 

24 
204 
224 
23 



25i 

26 

24 

23 

204 

244 

21* 

214 

21 

22 

21 

21 

214 



Olive, 
Levant, 
Gallipoli. 


Palm. 


Per tun. 


Per tun. 


£ 


£ 


44 


32 


46 


36* 


46 


36J 


42 


32 


40 


324 


36* 


374 


404 


«4 


40J 


32 


Spanish. 




40* 


29 


384 


24i 


36i 


214 




284 




371 


25| 


41* 


264 




23a 


344 


23 


364 


26 


36 


26 


35 


254 


34* 


25 


34i 


24 


34J 


23i 


34i 


234 


34J 


23* 


34 


234 


34 


23 


34 


253 


34 


25 


354 


254 


37J 


25* 


37i 


25 



Petro- 
leum. 



Per gal. 
d 



5i 
7 



64 



H 



4/3 



34 
34 

35 



3| 



461- 



18 



MOVEMENT OP PEICES— (ECONOMIST). 



Wholesale Prices op Commodities, mainly in London and Manchester — Average Six Tears, 1845- 
1850; Selected Dates, 1879-1893; and Monthly, 1894 — Continued. 

[From the London Economist. Commercial History and Review of 1894.] 





(III.) RAW MATEEIALS OF MANUFAOTDEE— continued. 


(rV.) METALS. 






28 


29 


30 


31 


32 


33 


34 


35 


36 


■ 37 


38 


39 


40 


DATES. 


Timber. 


Tallow. 


Leather. 


Saltpeter. 


Ashes. 


Copper. 


Iron. 


Lead. 


Steel. 


Tin, 


Steam 
coal. 




Danizic 

and 
Memel. 


Canadian 
yellow pine. 


Town. 


St.Peters- 

burg 
1st Y. C. 


English 
butts, 
25-36. 


English 
refined. 


Canadian 
pearl. 


Tough 
cake. 


British 
bars. 


Swedish 
bars. 


English 
pig- 


Eails, 
heavy 


English 
bars. 


Average 
at New- 
castle. 




Per load. 


Per load. 


Owt. 


Cwt. 


Per lb. 


Per cwt. 


Per cwt. 


Per ton. 


Per t07i. 


Per ton. 


Per ton. 


Per ton. 


Per ton. 


Per ton. 




s. s. 


s. d. s. d. 


s. d. 


s. d. 


d. d. 


s. s. d. 


s. d. 


s. 


£. 


£■ 


& 


£. 


£ 


s. d. 


1845-1850 


71® 81 


65 0® 71 












88 


8 


111 
9| 


17* 




81 






36 6 


19® 33 


24 3 


36 


63* 


5i 


14| 


51 


•65i 


8 6 










46 


18®33 


26 9 


33 3 


711 


101 


19| 


8J 


94 


8 8 


Jan. 1,1881.. 


45® 90 


80 0®100 


36 


39 3 


1S®33 


28 3 


36 


66i 


95 


151 


64 


94 


9 1 


Jan. 1,1882.. 


50® 90 


80 0®100 


43 


45 6 


18® 32 


29 3 


40 


75J 


6J 


101 


168 


6i 


114} 


9 3 


Jan. 1,1883-. 


50® 90 


70 0®100 


43 6 


49 


18®32 


26 


50 6 


70J 


6 


9} 


14i 


5i 


98 


9 6 


Jan. 1,1884.. 
Jan. 1,1885.- 
Jan. 1,1886.. 
Jan. 1,1887.. 
Jan. 1,1888.. 
Jan. 1,1889-- 
Jan. 1,1890.. 


50® 90 
40® 80 
on^ SO 


60 0® 90 
70 0®105 
fir. n®ifin 


4'' 9 


51 6 


18®3'* 


24 3 


52 6 


62i 
53 


6 




121 

Hi 

12| 
12iS 


4i 
4J 


88} 
771 
97 


10 


35 3 


41 6 


T>®33 


92 6 


29 




10 6 


26 3 


35 


17® 33 


''I 9 


41 


44 


51 
5 




8 3 






27 


31 


16®33 


21 


47 6 


42i 
804 
78i 
561 




4ft 


103i 


7 6 


30® 80 


60 0® 80 
90 0®110 
97 6® 115 












5| 
5| 
8J 




1513 
131 


4ft 


148 


7 6 










38 




4i 


101* 


8 


35® 70 


27 


38 6 


]4®33 


21 9 


33 


105 


141% 


7 


103 


11 6 


Jan. 1,1891-- 
Jan. 1,1892-. 


40® 75 
40® 70 


75 0®110 
75 0®100 


27 
27 9 


39 
43 


14®33 
14®33 


^1 9 


42 


58J 
481 




9i 
8| 


13» 
Hi 


4}| 




12 9 


21 3 


45 


4ft 


901 


10 


July 1,1892.. 
Jan. 1,1893-. 


30® 70 
30® 70 


60 0®]00 
60 0®100 










45 


m 

61 


6J 




nk 

m 


4^ 


106} 


9 10 


27 9 


45 


12® 34 


20 lOJ 


45 


8J 


4 


96 


8 11 


July 1,1893-. 


30® 60 


70 0® 95 


30 6 


48 


12®34 


21 3 


46 


48 


6 


. 8^ 


9ft 


3i 


89 


8 7 


Jan- 1,1894.. 


25® 60 


72 6® 95 


29 9 


48 


12®30 


21 6 


43 


461 


C 


8 


9ii 


31 


791 


10 6 


Feb .1,1894-. 


25® 60 


72 6® 96 


27 6 


48 


12®30 


21 6 


43 


43i 


6 


8 


9ft 


3| 


765 


11 9 


Mar. 1,1894.. 


25® 50 


72 6® 95 


27 6 


48 


12® 30 


21 6 


42 


42i 


6 


8 


% 


31 


711 


10 6 


Apr. 1,1894.. 


25® 60 


72 6® 95 


27 6 


48 


12®30 


21 6 


40 6 


43i 


6 


n 


9§ 


3i 


74* 


10 


May 1,1894.- 


25® 50 


72 6® 95 


27 6 


48 


12®30 


21 6 


40 


42 


6 


n 


9ft 


Si 


77i 


10 


June 1,1894.. 


25® 65 


72 6® 95 


26 


48 


12®30 


21 6 


40 


41* 


9 


n 


9i 


3| 


76} 


10 


July 1,1894.. 


25® 65 


72 6® 95 


26 


48 


12® 30 


21 6 


40 


40* 


6 


n 


9i 


3| 


74} 


10 6 


Aug. 1,1894.. 


25® 65 


77 6® 100 6 


23 9 


48 


12®30 


21 6 


37 6 


41 


6 


75 


9ft 


3| 


691 


10 9 


Sept. 1,1894.- 


25® 60 


77 6®100 6 


24 6 


48 


12®30 


21 6 


37 6 


m 


6 


76 


lOJ 


38 


74} 


11 


Oct. 1,1894.. 


25 a> 60 


82 6® 105 


24 6 


48 


12® 30 


22 


37 3 


44* 


6 


7| 


9}§ 


m 


75J 


10 9 


Nov. 1,1894.- 


30® 65 


82 6®105 


24 6 


48 


12® 30 


22 6 


39 


44 


6 


7f 


m 


3| 


71J 


10 9 


Dec. 1,1894-. 


30® 65 


87 6®110 


23 


48 


12® 30 


22 6 


40 


421 


6 


7S 


9J 


H 


68} 


9 6 


Jan. 1,1895.. 


30® 65 


92 6®115 


23 


48 


12® 30 


22 9 


38 9 


431 


6 


7S 


9| 


m 


671 


9 6 



MOVEMENT OF PRICES— (ECONOMIST), 



19 



Wholesale Prices op Commodities, mainly in London and Manchester— Average Six Tears, 1845- 
1850; Selected Dates, 1879-1893; and Monthly, 1894— Continued. 

[From the London Economist. Commercial History and Eoyiew of 1894,] 



(V.) MANCHESTER MARKETS. 



DATES. 



1845 
Jan. 1 
Jan. 1 
Jan. 1 
Jan. 1 
Jan. 1 
Jan. 1 
Jan. 1 
Jan. 1 
Jan. 1 
Jan. 1 
Jan. 1 
Jan. 1 
Jan. 1 
Jan. 1 
July 1 
Jan. 1 
July 1 
Jan. 1 
Feb. 1 
Mar. 1 
Apr. 1 
U.-iy 1 
June 1 
July 1 
Aug. 1 
Sept. 1 
Oct. 1 
Nov. 1 
Dec. 1 
Jan. 1 



1850 



1879. 
1880. 
1881. 
1882. 
1883. 
1684. 
1885. 
1886. 
1887- 
1888. 
1889. 
1890. 
1891. 
1892. 
1892. 
1893. 
1893. 
1894. 
1894. 
1894. 
1894. 
1894. 
1894. 
1894- 
1894- 
1894. 
1894. 
1894. 
1894. 
1895. 



i2 43 



Raw cotton. 



H 



Upland 
mid- 
dling. 


Upland 
mid- 
dling, 
fair. 


Surat, 

DlioU., 

fair. 

Per lb. 


Per lb. 


Per lb. 


d. 


d. 


d. 


H 


5i 


54 


58 




4 


5S 


7i 


5J 


6% 


7 


5i 


H 


7 


i% 


H 


64 


3i 


6 


6S 


4 


C 


Bf, 


4i 


m 


5A 


■i\l 


Si 


68 


■ii\ 


5J 


5i 


SfS 


5| 


5| 


4A 


5} 


5M 


ih 


5A 


5rt 


■ 3,^ 


H 


H 




^A 


4-ft 


2i8 


5i 


H 


35 


4-/, 


4ft 


n 


H 


« 


3A 


4J 


H 


3l'8 


■14 


ii 


3.'s 


H 


ii 


3 


m 


ii\ 


2i 


*iV 


ii% 


2!6 


It's 


4A 


2% 


m 


35l 


24 


3it 


m 


24 


3t\ 


m 


2i'i, 


3i 


H 


24 


34 


h% 


24 


3iV 


3/= 


24 



Per- 
nam- 
buco, 
fair. 



Per lb. 
d. 
8i 
55 
7i 

en 

n 

H 

6i 

5g 

5i"c 

5i3 

6 

5i 

4A 

4i 

4i 

4,'s 

4i'a 

4i'o 

4 

31 .1 
^TB 

'*lil 

3| 



45 



Mule No. 
40. fair, 

2d 
quality. 



n 

8i 
lOJ 

loi 

lOJ 
9J- 

93 



46 



Cotton cloth. 



Printers' 
26 in 66 

reed, 
29 yards,^ 
4 lbs. 2ozs. 



8. d. 
4 7i 
3 lOA 



3 104 



4 
4 
4 
4 
4 
4 

3 9 

3 6 

3 104 

3 74 

3 6 

3 6 

3 44 

3 44 

3 4* 

3 44 

3 4i 

3 

3 

3 

3 

3 

3 



G-old-end 

ah'ngs, 40 
in. 66 reed, 

37* yards, 
811Js'.12ozs. 



s. d. 

8 10 

8 

8 

9 
9 9 
7 lOA 
7 9 
7 4i 
7 6 
7 4 
7 9 

7 9 

8 li 
8 14 
7 9 
7 U 
7 IDA 
7 4A 
7 4A 
7 3 
7 14 
6 lOi 
6 9 
6 9 
6 9 
6 3 
6 3 
6 
6 
6 
6 



(VI.) HANK RETDRNS AND RATE OF INTEREST. 



48 



49 



50 



Bank-note circulation. 



B.ank of 
England. 



£. 
20, 400, 000 
33, 000, OOO 
27, 800, 000 
37, 200, 000 
26, 400, 000 

26, 400, 000 
25, 60O, 000 
25. 100, 000 
24, 600, 000 
24, 800, 000 
24, 800, 000 
24, 400, 000 

24, 700, 000 
35, 100, 000 

25, 700, 000 

27, 200, 000 
25, 900, 000 
25, 600, 000 
25, 700, 000 
24, 700, 000 
24, 300, 000 

24, 500, 000 

25, 500, 000 

24, 900, 000 

26, 400, 000 
26, 400, 000 
25, 700, 000 
26, 400, 000 
25, 800, 000 
25,300,000 

25, 900, 000 



Country 
banks. 
Great 

Britain. 



£, 
10, 300, 000 
10, 300, 000 
9, 300, 000 
9, 500, 000 

8, 900, 000 

9, 700, 000 
8, 100, 000 
9, 200, OOO 
9, 300, 000 

8, 900, 000 
8,400,000 
8, 500, 000 
8,500,000 

9, 300, 000 
9, 000, 000 
9, 000, 000 
9, 200, 000 
8, 900, 000 
8, 500, 000 
8, 100, 000 
7, 900, 000 

7, 900, 000 

8, 200, 000 
8, 700, 000 
8, 900, 000 
8, 400, 000 
8, 100, 000 
8, 200, 000 
8,300,000 
9, 100, 000 
8, 700, 000 



Total. 



.£ 
30, 700, 000 
43, 300, 000 
36, 500, 000 
36, 700, 000 

35, 300, 000 
36, 100, 000 

33, 700, 000 

34, 300, 000 
33, 800, 000 
33, 700, 000 
33, 200, 000 

32, 900, 000 

33, 200, 000 

34, 300, 000 

34, 700, 000 

36, 300, 000 

35, 100, 000 
34, 500, OUO 
34, 200, 000 
32, 800, 000 

32, 200, 000 

33, 400, 000 
33, 700, 000 
33, 600, 000 
35, 300, 000 
34, 800, 000 

33, 800, 000 

34, 600, 000 
34, 100, 000 
34, 400, 000 
34, 600, 000 



51 



53 



Rate of interest. 



Bank of 

England 

discount 

rate. 



P. ct. (a) 
& 

33 
5®3 
2®3 
3@3^ 
5®6 
5®4 
3 
5 

4 _ 
5 
4 
5 
6 
5 

34 

2 

3 

24 

3 

24 
2 

2 
2 



Lombard 
street. 



P. ct. (a) 



4i®3 
2 ®34 
2J®3i 
35® 6 
3J®3i 
2J®3 
44 



53 



54 



Reserve of Bank of 
England. 



Total 
bullion. 



£ 
14, 400, 000 

28, 100, 000 

27, 600, 000 
24, 200, 000 
20, 200, 000 
20, 400, 000 
21,400,000 
20, 700, 000 
20, 100, 000 

19, 300, 000 

20, 200, 000 
19, 400, 000 
17, 700, 000 
23,500,000 
22, 500, 000 
27,300,000 
24, 400, 000 

29, 700, 000 
24, 800, 000 

28, 000, 000 

30, 000, 000 
30, 700, 000 
32, 000, 000 
36, 000, 000 
38, 900, 000 

38, 300, 000 

39, 800, 000 
37, 500, 000 
36, 200, 000 
34, 200, 000 
33, 100, 000 



Banking 
depart- 
ment. 



S. 

8, 500, 000 
10,300,000 
14, 800, 000 
12, 300, 000 

9, 800, 000 
10,500,000 
11,600,000 
11,200,000 
11,300,000 
10, 200, 000 
11,600,000 
11, 100, 000 

9, 300, 000 
14, 800, 000 
13, 100, 000 
16, 400, 000 
14, 900, 000 

18, 700, 000 
15, 600, 000 

19, 700, 000 

22, 500, 000 
23,100,000 

23, 200, 000 

27, 900, 000 
29, 300, 000 

28, 700, 000 ■ 
30, 900, 000 
27, 900, 000 
27, 200, 000 
25, 700, 000 
24, 000, 000 



a Per annum. 



20 



MOVEMENT OP PEICES— (ECONOMIST). 
(B.) Wholesale Prices, 1845-1894 — Proportionate Results. 



Deduced from the preceding table (A) ou the basis of representing by the number 100 the average prices of 
the six years, 1845-1850. 

The construction is as follows: The basis of 100 represents the average prices of the six years 1845-1850, and 
all the subsRqaent figures are calculated from that datum line. Thus as regards coft'ee (column 1), the price of 
1st July, 1857, was equal to 151, or 51 per cent above the average prices of 1845-1850. In order to ascertain the 
j)ercentage rise or fall between one date and another — as, for example, coffee — comparing 1st July, 1857, when 
the figure was 151, with 1st January, 1894, when the figure was 179, or a difference of 28, the rise per cent has to 
be measured with the quantity 151, and given, of course, a result of 23 per cent as the real advance. In the course 
of so long a period of years since 1845 some variations have inevitably arisen in the mode of quoting prices in the 
usual Prices Current. In all such cases, the nearest approach possible has been made to a uniform quotation 
throughout the table. In raw cotton especially there have been considerable change of qualities introduced by 
the large use of Indian and Egyptian kinds. In tea, sugar, and wool also changes have occurred in the kinds 
most usually quoted. 

[The column "Total index number" is the total for each date of all the percentage columns except that of the 
"Bank-note circulation." The "Total index number" does not, of course, present a full and accurate representa- 
tion of the variations of prices, inasmuch as it can not allow for the relative importance of the different articles. 
Wheat, for example, reckons for no more in the " Total index number" than indigo; and during the years of the 
high price of cotton and cotton fabrics the total index number is, in a measure, unduly raised by that special 
cause. Still the total index number, read with the needful qualifications, may afibrd important inferences.] 





1 


2,S 


5 


6 


8 


10-13 


41-44 


15 


16 and 18 


19-20 


23 21-26 


DATES. 


Coffee. 


Sugar. 


Tea. 


Tobacco. 


Wheat. 


Butchers' 
meat. 


Eaw 
cotton. 


Silk, raw. 


Flax and 
hemp. 


Sheep's 
wool. 


Indigo. Oils. 


1845 1850 


100 
151 
134 
151 
106 
93 
85 
132 
166 
172 
186 
190 
173 
173 
185 
170 
179 
179 
179 
166 
175 


100 
123 
83 
70 
54 
37 
SO 
38 
49 
50 
43 
44 
38 
39 
42 
36 
39 
50 
37 
37 
23 


100 
162 
102 
141 
92 
78 
93 
73 
64 
70 
62 
66 
70 
68 
60 
59 
68 
67 
61 
54 
62 


100 
210 
167 
180 
200 
228 
216 
200 
244 
227 
222 
244 
244 
244 
244 
244 
244 
233 
234 
233 
233 


100 
118 
80 
88 
73 
60 
57 
66 
58 
57 
56 
61 
61 
74 
70 
56 
48 
50 
50 
45 
39 


100 
105 
123 
119 
123 
. 122 
106 
112 
108 
100 
123 
125 
126 
134 
131 
12i 
119 
122 
143 
132 
140 


100 
95 

173 

110 
92 
93 
80 
82 
90 
91 
92 
00 

182 
73 
73 
66 
83 
70 
66 
62 
48 


100 
204 
174 
135 
117 
89 
93 
130 
117 
110 
114 
114 
130 
124 
113 
115 
120 
128 
113 
96 
85 


100 
131 
116 
78 
76 
78 
76 
79 
66 
62 
64 
63 
65 
67 
55 
68 
62 
72 
71 
72 
72 


100 
146 
96 
117 
98 
92 
90 
116 
111 
107 
120 
105 
102 
106 
98 
101 
94 
94 
94 
87 
88 




July 1,1857 

Jan. 1,1870 

Jan. 1,1880 

Jan. 1,1884 

Jan. 1,1885 

Jan. 1,1886 

Jan. 1,1887 

Jan. 1,1888 

Jan. 1,1889 

.Tan. 1,1890 

July 1,1890 

Jan. 1,1891 

July 1,1891 

Jan. 1,1892 

July 1,1892 

Jan. 1,1893 

July 1,1893 

Jan. 1,1894 

July 1,1894 

Jan. 1,1895 


121 
161 
205 
161 
157 
153 
131 
129 
125 
120 
124 
137 
130 
114 
121 
121 
148 
161 
152 
136 


141 
136 
106 
110 
193 
86 
76 
74 
83 
82 
85 
86 
85 
83 
63 
76 
80 
76 
74 
75 




28-29 


SO 


31 


31 


35-36 


37 


39 


44 


45 


46-47 


Total 

index 

number. 


Total 


DATES. 


Timber. 


TaUow. 


Leather. 


Copper. 


Iron. 


Lead. 


Tin. 


Cotton 

wool, Per- 

nambuco, 

only. 


Cotton 
yam. 


Cotton 
cloth. 


lation, 
Great Brit- 
ain. 


1845-1850 


100 

103 

99 

105 

100 

102 

93 

86 

80 

111 

115 

101 

106 

106 

100 

92 

92 

88 

84 

89 

105 


100 

147 

105 

102 

113 

87 

70 

60 

73 

87 

75 

77 

80 

82 

105 

107 

107 

101 

109 

103 

99 


100 
150 
128 
144 
139 
144 
142 
136 
133 
130 
130 
130 
130 
130 
130 
128 
128 
128 
117 
117 
117 


100 
133 
83 
81 
71 
60 
50 
48 
91 
89 
64 
68 
66 
66 
55 
56 
58 
54 
52 
46 
49 


100 
121 
88 
92 
69 
75 
66 
62 
' 67 
70 
109 
100 
87 
75 
78 
78 
78 
72 
71 
71 
69 


100 
143 
109 
112 
70 
65 
72 
74 
90 
76 
82 
75 
76 
74 
66 
64 
58 
54 
55 
63 
56 


100 
166 
138 
109 
104 
90 
113 
120 
173 
118 
120 
115 
111 
113 
106 
125 
112 
104 
93 
87 
79 


100 
97 

144 
88 
74 
76 
65 
68 
70 
72 
75 
80 
70 
64 
59 
62 
64 
47 
53 
51 
42 


100 
126 
154 
110 
99 
00 
183 
86 
90 
93 
92 
100 
97 
87 
82 
78 
85 
83 
72 
72 
64 


100 
113 
135 
95 
88 
80 
85 
84 
87 
88 
91 
92 
89 
85 
84 
79 
85 
81 
81 
75 
67 


2200 
2996 
2689 
2538 
2221 
2098 
2023 
2059 
2230 
2187 
2236 
2259 
2224 
2190 
2133 
2081 
2120 
2105 
2082 
1974 
1923 


100 
101 
110 
120 
110 
112 
110 
110 
108 
107 
,108 
113 
112 
lU 


July 1,1867 

Jan. 1,1870 

Jan. 1,1880 

Jan. 1,1884 

Jan. 1,1885 

Jan. 1,1886 

Jan. 1,1887 

Jan. 1,1888 

Jan. 1,1889 

Jan. 1,1890 

July 1,1890 

Jan. 1,1891 

July 1,1891 

Jan. 1,1892 


July 1,1892 

Jan. 1,1893 

July 1,1893 

Jan. 1,1894 

July 1,1894 

Jan. 1,1895 


113 
114 
112 
111 
115 
113 



MOVEMENT OP PEICES— (UNITED STATES). 



21 



Kblative Prices in Gold, (a) by Gboups of Aetioles, 1840-1891. 

[From Senate Eeport No. 1394, second session Fifty-Second Congress.] 



TEAR. 



1840. 
1S41. 
1842. 
1843. 
1844. 
1845. 
1846. 
1847- 
1848., 
1849.. 
1850. 
1851. 
1852., 
1853.. 
1854.. 
1855.. 
1856.. 
1857.. 
1858.. 
1859.. 
I860.. 
1861.. 
1862.. 
1863.. 
1864.. 
1865. . 
1866.. 
1867.. 
1868.. 
1869.. 
1870.. 
1871.. 
1872.. 
1873.. 
1874.. 
1875.. 
1876.. 
1877.- 
1878.. 
1879.. 
1880.. 
1881.. 
1882.. 



1884. 
1885. 
1886., 
1887., 
1888. 
1889. 
1890. 
1891. 



GENEIiAL AVERAGE PBICES. 



Food. 



96. 

94. 

82. 

79. 

81. 

87. 

94. 

94. 

83. 

79. 

85. 

90. 

88. 
]01. 
105. 
111. 
110. 
117. 

94. 

98. 
100. 

95. 
107. 

91. 
106. 
100. 
124. 
121. 
118. 
120. 
126. 
152. 
]22. 
115. 
113. 
116. 
109. 
113. 
105. 

97. 
107. 
110. 
118. 
118. 
108. 



Cloths and 
clotlling. 



104. 
109. 
111. 
104. 
103. 



110.7 

113.4 

100.9 

99.9 

105.0 

97.1 

95.3 

97.6 

87.5 

82.2 

91.3 

94.7 

88.7 

98.6 

97.4 

94.7 

100.6 

106.0 

98.0 

101.1 

100.0 

94.9 

121.1 

132.0 

167.7 

138.4 

161.7 

133.7 

106.0 

108.8 

114.9 

120.4 

131. 1 

121.5 

114.8 

106.8 

95.3 

95.9 

91.9 

91.1 

104.5 

99.9 

98.7 

94.8 

88.9 

84.8 

85.1 

84.7 

84.7 

83.6 

82.4 

81.1 



Fuel 
and light- 
ing. 



395.8 
208.9 
202. 
187.5 
119.7 
239.6 
143.8 
110.7 
106.1 
100.0 
102.6 
97.3 
93.5 
101.6 
106.8 
121.1 
126.4 
113.3 
111.4 
98.8 
100.0 
103.5 
94.8 
73.8 
115.9 
110.0 
200.2 
145.8 
157.9 
152.5 
162.0 
130.2 
136.8 
119.4 
134.3 
139.1 
128.2 
101.7 
91.7 
95.3 
100.2 
113.7 
110.1 
114.2 
102.4 
89.6 
86.2 
88.6 
94.9 
95.3 
92.5 
91.0 



Metals 

and imple. 

ments. 



123.5 

123.7 
118.7 
114.7 
133.3 
110.8 
116.9 
120.6 
119.7 
124.9 
114.8 
119.2 
117.7 
122.8 
125. 6 
117.8 
115.3 
110.4 
101.3 
100.1 
100.0 
102.5 
114.3 
96.5 
115.6 
88.5 
122.1 
119.8 
108.7 
104.2 
105.4 
110.4 
117.3 
115.2 
108.7 
104.4 
96.1 
94.2 
90.8 
88.4 
96.3 
91.1 
91.2 
87.5 
81.0 
77.4 
75.8 
74.9 
74.9 
72.9 
73.2 
74.9 



Lumher 
and build- 



matenals. 



110.0 

in. 8 

108.8 
105.4 
103.0 
106.7 
106.2 
108.2 
105.3 

97.6 
102.2 

97.2 
100.4 
103.2 
114.1 
103.4 
102.8 
105.0 
103.8 

98.7 
100.0 
108.9 
145.6 
122.1 
142,3 

84.2 
133.4 
132.8 
125.8 
122.3 
122.3 
136.8 
153.0 
152.5 
139.0 
127.7 
121.7 
118.5 
115.2 
115.1 
130.9 
131.3 
137.5 
134.3 
129.5 
126.6 
128.5 
126.5 
124.8 
124.0 
123.7 
122.3 



Drugs 
and chem- 
icals. 



145.8 
141.3 
131.6 
121.4 
119.7 
121.0 
123.9 
112.5 
113.0 
111.0 
133.6 
125.8 
111.8 
107.0 
110.7 
129.2 
135.5 
126.8 
116.0 
104.2 
100.0 
101.3 
113.6 
101.0 
109.5 
125.6 
164.3 
156.9 
128.4 
118.7 
123.3 
125.9 
122.8 
125.6 
131.8 
128.2 
108.0 
115.2 
112.6 
110.9 
113. 1 
110.4 
107.6 
98.1 
95.7 
86.9 
&3.9 
83.6 
86.0 
88.8 
87.9 
86.3 



V 

House- 

famishing 

goods. 



116.4 

116.4 

116.4 

100.3 

102.3 

102.3 

111.0 

120.3 

121.7 

120.5 

125.6 

120.0 

111.9 

118.7 

121.2 

121. 2 

115.5 

116.8 

108.7 

103.2 

100.0 

96.8 

87.3 

84.8 

105.9 

83. B 

132.3 

118.2 

97.4 

89.0 

100.2 

116.1 

112.9 

96.8 

98.3 

84.4 

77.3 

74.4 

73.3 

68.6 

85.2 

77.6 

78.1 

77.5 

76.3 

70.1 

68.4 

66.4 

66.9 

70.0 

69.5 

70.1 



Miscella- 
neous. 



147.1 
147.1 
170.6 
123.5 
129.5 
114.8 
111.0 
121.7 
125.6 
109.8 
107.7 
102.7 
100.5 
109.2 
108.4 
115.2 
121.6 
110.0 
97.1 
100.8 
100.0 
100.7 
101.2 
89.0 
99.3 
93.8 
122.1 
119.9 
118.5 
119.7 
122. 6 
134.4 
121.6 
117.5 
116.5 
109.2 
101.2 
111.3 
110.2 
102.1 
109.8 
108.8 
114.6 
117.3 
111.9 
97.5 
91.3 
88.6 
89.3 
88.8 
89.7 
95.1 



All 
articles. 



a In converting currency prices into gold we have used the value of $100 gold in currency as given for January of each year in the American Almanac for 
1878, as follows: 1862, $102.5; 1863, $145.1: 1864, $155.5; 1865, $216.2; 1866, $140.1; 1867, $134.6; 1868, $138.5: 1869, $135.6; 1S70, $121.3; 1871, $110.7; 1872, $109.1; 1873 
$112.7; 1874,$111.4; 1875,$112.5; 1876,$112.8; 1877,$106.2, and 1878, $101.4. 



22 



MOVEMENT OF PEIOES— (UmTED STATES), 



Monthly Average Price in Cents per Bushel of 60 Pounds in New York op Cash No. 2 Eed Winter 

Wheat, 1885-1894. 

[From the reports of tlie New York Produce Exchaoge.] 



Tear. January. February. ' March. April 



May. 



July. 



August. September. October. November. December. 



1885 
1886 
1887 
1888 
1889 
1800 
1891 
1892 
1893 
1894 



9IS ® 9i/|; 

90}i® 9U 
92H® 93i"i, 

OlA 
98ft 
86J 
105| 
102| 
79* 



9UiiV® 91| 
92,»5® 93J 

904 ® iia 

89 i» 
971 
85J 
llOiJ 
104S 
791% 
63^ 



89J ® 91ti, 
94J 

gift® 92i 
905 



113| 

101 
75| 
63ft 



97|® 984 103Jg 
91J® 93iV 
92J® 94fi 



86A 
93ft 
119ft 
98i 

^^ 

63i 



®103i 
88ft 

® 97}i 
96} 
83 ft 
98S 
1135 
96* 

m 

58iJ 



100| ®101J 

84ft® 85§ 

93i»i® 95ft 

90i 

mi 

94J 
107H 
91}S 

6o;3 



iilOOf 
8 87S 
S 84ft 

go-ii 

881 
96ft 



71ft 
57H 



95H® 96} 

86} ® 88J 

79f ® 81J 

97ft 



104 
105} 

82i 

68 

57i5 



i ® 94ft 
H® 87i 

'i ® soil 

99 ft 
85i 
101 it 
103ft 
78i 
73} 
57i 



97ft@ 97H 

83| ® 84^ 

82} ® 84i 

llliJ 

84} 

106} 

104i 

77ig 

69} 

55} 



95} 

84i 
85ft 



® 97ft 
® 85} 
® 87} 
108g 
84/5 
1025 
105t§ 
75} 
66} 
57H 



94 ® 96 
891J® 91 
90} ® 91H 
104} 
85i 
104ft 
105ft 
76} 
67} 
60ft 



Highest and Lowest Monthly Price in Cents per Bushel op 60 Pounds in Chicago op Cash No. 2 

Wheat, 1885-1894. 

[From the iinuual reports of the Chicago Bo;ird of Trade.] 



Tear. 


January. 


February. 


March. 


April. 


May. 


June. 


July. 


August. 


September. 


October. 


November. 


December. 


1885 


76 ® 81} 


74}® 79} 


73}® 79} 


77}® 915 


85}® 905 


84}® 89} 


85i®90} 


78 ® 89 • 


76}® 865 


84}® 91} 


835® 90} 


83}® S9 


1886 


77 ® 84i 


78}® 81} 


75 J® 81 


72} ® 80} 


72}® 79} 


705® 77| 


73 ®79} 


74 ® 785 


72}® 77 


695® 74} 


72}® 76} 


75g® 79} 


1887 


77}® 80} 


72}® 78} 


715® 80} 


76}® 835 


805® 885 


64}® 945 


075® 71} 


66g® 69} 


678® 711 


69}® 72g 


71|® 76§ 


75 ® 79} 


1888 


754® 78} 


74} ® 70} 


715® 76} 


71 ® 81J 


805® 89} 


78}® 86} 


79J®85} 


81}® 94 


90 ®165 


1025® 117} 


102}®116 


97J®106g 


1889 


92 ®102} 


93i®108i 


96}®104} 


79}® 98} 


77}® 86} 


75}® 82 


70J®85 


75}® 79 


75}® 83 


77}® 82} 


78}® 81} 


765® 80 


1890 


74}® 78J 


74}® 76} 


76}® 80} 


77}® 90 


895® 100 


84 ® 93} 


85 ®94 


89}® 1075 


95}® 1045 


96}®103} 


87}®1015 


87}® 93} 


1891 


87}® 96} 


93}® 97} 


94}® 103} 


102 ®1125 


995® 108 


93 ®10U 


S45®94| 


865® 113} 


903® 100 


92}® 99 


91}® 965 


89|® 93} 


1892 


84}® 90} 


84}® 91i 


77}® 89} 


76|® 85} 


80 S> 855 


78 ® 875 


76 ®80 


74}® 80 


71i® 74| 


69}® 745 


695® 73 


69}® 72} 


1893 


72 ® 78} 


72 ® 75} 


72}® 795 


70}® 88 


68}® 76} 


61}® 69 


545®66i 


55}® 635 


62}® 695 


60}® 66} 


585® 63 


59}® 64} 


1894 


59}® 63 


54}® 60} 


55}® 59} 


57}® 635 


53 ® 59} 


53}® 60} 


50}®58} 


■52 ® 55} 


50®} 54} 


50}® 52} 


51}® 555 


535® 57 



